Saint MBA560 Test 3

Saint MBA560 Test 3

Question
	
Problem 1. Maple Company started the year with no
inventory. During the year, it purchased two identical inventory items at
different times. The first unit cost $800 and the second, $700. One of the
items was sold during the year.



Required:















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Based on this information,
how much product cost would be allocated to cost of goods sold and ending
inventory, assuming use of:



a. LIFO

b. FIFO

c. Weighted average
Problem
2. Teague Company
purchased a new machine on January 1, 2012, at a cost of $150,000. The machine
is expected to have an eight-year life and a $15,000 salvage value. The machine
is expected to produce 675,000 finished products during its eight-year life.
Smith produced 70,000 units in 2012 and 110,000 units during 2013.



Required:



1) Determine the amount of depreciation expense to be recorded on the machine
for the years 2012 and 2013 under each of the following methods:



 






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